NIFTY SPOT: 8238.50 EQUITY RESERARCH LAB

Stock cash tips:-

Nifty Future                 R1: 830           R2:8362      R3: 8463                                 
Pivot: 8206                 S1: 8151          S2:8050      S3:7995

CHART INTERPRETATION:-

• Nifty closed on at 8238.50 On Monday. Bulls and bears have been indecisive. Recovery may be continuing above 8200 levels else selling pressure may be seen. On upside, Nifty has important resistance at 8250 levels. On downside, support is at 8050 levels.                               
• Mechanical indicator stochastic RSI  also showing consolidated trend.
  

INDEX OUTLOOK:-

• NIFTY FUTURE:  Nifty closed at 8251.90 on Monday. The Indian equity market opened in red following Reserve Bank of India Governor Raghuram Rajan saying no to a second term. Sentiment remained upbeat after the finance ministry expects the country’s GDP growth to climb to 8%, according to reports. Economic affairs secretary Shaktikanta Das expects that the likely passage of Goods and Services Tax (GST) Bill in Parliament would add to the business sentiment. On the economy front, the Goverment has approved 74% FDI in brownfield pharma under automatic route, 100% in scheduled airlines & defence sectors.
• INTRADAY STRATIGY: Buy Nifty future above 8250 for the tgt of 8300-8350 sl 8170.

CORPORATE NEWS:-

• The government has allowed 100% FDI in aviation for scheduled carriers. Also, 100% FDI has been approved in greenfield pharma projects and 74% in brownfield projects. Changes in FDI policy were welcomed by the Aviation and Pharma industry and stocks surged 5-10%.
• Eros International announced a television syndication deal for their new and catalogue films with Zee network. The films comprise a number of catalogue films from Eros International’s vast movie library and also pre-sales for a few forthcoming films. The deal will be a win-win for both the companies as Eros International association with Zee, gives it bigger platform to reach viewers. On the other hand, Zee will get access to Eros’s rich movie library.
• Suzlon has entered into a pact with CLP India for a 100 mw solar project at Veltoor in Telangana. The project will start in May 17 and will be a mix of 80:20 debt equity. CLP India, a subsidiary of Hong Kong based power company CLP, has 49% stake in SE Solar.

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